Is there any good NRAS still in Melbourne was getting some emails from a place that specialised in them but have forgotten, I think they were in Epping / Thomastown.
Not much around in Vic.
I'd be worried about the tenants not paying and doing a runner / damage the property, guess that is what insurance is for.
NRAS is not social housing. The myths and erroneous information peddled by some so called "property guru's" with easy access to forks, or others who have enjoyed "property success' continue to lump NRAS in beside social housing. Without saying so directly, the implication is clear - cruddy tenants who wont pay the rent and will ruin the property. They conveniently ignore the fact that NRAS income thresholds for tenants are quite generous - a single tenant can earn up to $59,111 and a couple + 3 children can earn up to $140,541. 1.5 Million PAYG Australians are eligible under the income thresholds according to the Australian Bureau of Statistics/ATO.
These commentators will also be happy to peddle several other false facts;
1. NRAS properties do not value up. Wrong. My clients will tell you otherwise.
2. NRAS properties are located in rubbish areas. Wrong. Unless places such as Castle Hill, Baulkham Hills, Elanora Heights, Zillmere, Alderley, Annerley, Nundah, Gregory Hills, Enfield, Brunswick, Carlton, Warriewood, Berowra and others where my clients have invested and made good money are actually horrible, ghetto ridden, disasters.
3. NRAS locks you in for 10 years. Wrong! Its a completely voluntary tax benefit- simple as that.
4. NRAS is linked to inflation. Not that this would be a bad thing, having guaranteed inflationary increases as your worst case scenario for 10 years ( which makes it strange that they would suggest this is a negative) but it's actually rental CPI , not CPI, which NRAS is indexed to. For those wondering what that all means in real terms - Rental CPI has performed at 5.2% since 2009, against 2.8% for CPI (inflation) So again, wrong!
Where they were right to be concerned is the topic of house/land spruikers /snake oil salesmen. But this practice of loading up new house/land deals with massive commissions existed well before NRAS and will continue long after. Now I have no problem whatsoever with big commissions being earned by property sellers as long as its coming out of the developers NET rather than being added to the developers NET. In other words , good for them if they can earn big bucks and still deliver you a fairly priced investment property; after all , like anyone else they are entitled to try and maximise their income. Unfortunately that is not usually what happens with such sales groups, and they simply add their comms to the price. That particular problem is easy to avoid though - deal with people with strong reputations for delivering well valued stock - and get things valued.